The Telegraph
Since 1st March, 1999
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JP Morgan to invest Rs 175 cr

New Delhi, July 22: Financial power-house JP Morganís Rs 175-crore investment in its Indian arm was among the 44 FDI proposals worth Rs 222.19 crore cleared by the government today.

The proposals, recommended by Foreign Investment Promotion Board and approved by finance minister Jaswant Singh, mostly pertained to financial sector, IT and hotel business.

JP Morgan International Finance Ltd plans to invest Rs 175 crore in JP Morgan Securities India Private Ltd. The company sought clarification regarding deletion of divestment conditions, an official release said.

Suzuki Motor Corporationís plans to acquire 51 per cent stake in an Indian company was cleared. However, no fresh inflow of funds is involved in this case. Another Japanese company, Hitachi Metals Ltdís plans to set up a wholly-owned subsidiary with an investment of Rs 20 crore has been approved.

The FIPB also approved US-based Whirlpool Corporationís proposal for change in royalty terms with its Indian arm.

Nokia Networks Oy of Finland has been permitted to change its activities from test marketing to cash and carry wholesale trading through its Indian arm Nokia India. The other proposals that were approved included Siva Ltdís plans to transfer shares of Aiwo Ltd held by resident Indians worth Rs 10 crore to non-resident Indians.

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